English: Flipping is when you buy a house at a discount because it needs repairs and updating, you fix it, and then sell it for a profit. If you do it the right way, it can leave you a profit. But if you don’t do it the right way, it could also leave you a loss.There are three key things to keep in mind to increase your chances of a successful flip.1. Make sure it makes financial sense. After determining the costs of a potential flip, will you make a profit, and if so, how much? Is it worth the investment of your time and money? Do your homework up front!2. Make sure you have the cash you need to be able to see the project through.3. Use a good, reliable contractor. If you do not have a contractor, ask for recommendations, and once you have spoken with them, check out other work they have done.When determining whether the deal makes financial sense, there are 4 types of costs to consider.1. Purchasing costs- These are costs that are incurred for you to be able to buy the property. They include costs such as transfer tax, title search and insurance, recording fees, the cost of obtaining a loan if borrowing the money and others. 2. Holding costs- This is what is it costing you daily to have the property. They include costs such insurance, property taxes, utilities, maintenance, interests paid and others.3. Repair costs- What will it cost for the necessary repairs, including the cost of materials, labor, permits, inspections and others.4. Selling costs- These are the costs involved in selling of the property. They include transfer tax, real estate agent commissions, seller assist and other fees.